Comerica Incorporated (NYSE:CMA) Sees Large Increase in Short Interest

Comerica Incorporated (NYSE:CMA) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 4,412,600 shares, an increase of 22.1% from the April 30th total of 3,612,600 shares. Based on an average trading volume of 1,890,000 shares, the short-interest ratio is presently 2.3 days. Currently, 2.8% of the company’s stock are short sold.

Several analysts recently issued reports on the company. Stephens lowered Comerica from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 6th. Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and cut their target price for the company from $89.00 to $84.00 in a report on Thursday, April 4th. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. ValuEngine lowered Comerica from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Finally, Jefferies Financial Group lowered Comerica from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a report on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Comerica presently has a consensus rating of “Hold” and an average target price of $90.81.

In related news, EVP Christine M. Moore sold 3,200 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $73.49, for a total transaction of $235,168.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in CMA. American Century Companies Inc. grew its position in Comerica by 166.2% during the first quarter. American Century Companies Inc. now owns 3,581,586 shares of the financial services provider’s stock worth $262,602,000 after buying an additional 2,236,331 shares in the last quarter. Norges Bank acquired a new stake in Comerica during the fourth quarter worth about $89,893,000. Two Sigma Advisers LP grew its position in Comerica by 133.4% during the fourth quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock worth $127,004,000 after buying an additional 1,056,658 shares in the last quarter. Deutsche Bank AG grew its position in Comerica by 319.1% during the fourth quarter. Deutsche Bank AG now owns 1,277,668 shares of the financial services provider’s stock worth $87,758,000 after buying an additional 972,773 shares in the last quarter. Finally, AJO LP acquired a new stake in Comerica during the first quarter worth about $60,749,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CMA traded up $0.73 during midday trading on Thursday, hitting $69.97. The company’s stock had a trading volume of 162,286 shares, compared to its average volume of 1,500,940. The company has a market cap of $10.59 billion, a P/E ratio of 9.64, a P/E/G ratio of 1.22 and a beta of 1.47. Comerica has a fifty-two week low of $63.69 and a fifty-two week high of $100.64. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.03 and a current ratio of 1.03.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.15. The company had revenue of $852.00 million for the quarter, compared to the consensus estimate of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business posted $1.59 earnings per share. As a group, equities analysts predict that Comerica will post 8.23 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Thursday, June 13th. Comerica’s dividend payout ratio is currently 37.02%.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services middle market businesses, multinational corporations, and governmental entities.

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